{Mary}
Carl's right that the most natural way to read a form of EIMI + perf. pass.
participle is as a periphrastic form of the verb. It happens all the time
and is not unusual at all.
{Bill}
The point was well made and is well taken. However, is it *necessarily* so,
since the non-periphrasatic exists, and since EIMI can stand alone? Can it
read:
"By grace you are, having been saved through faith"
or *must* it be
"By grace you have been saved through faith"
?